Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »
What is Section 24 of Income Tax Act? Section 24 of the Income Tax Act is relate to the deduction of interest on home loans for taxpayers who own a house property. The section provides for two types of deductions – a deduction of up to Rs. 2 lakh for interest paid on a self-occupied… Read More »
Tax implications of future trading Tax implications of future trading, Future tradings is a type of derivative trading that involves buying or selling a contract to buy or sell a specific asset (such as commodities, stocks, or currencies) at a future date at a predetermined price. The tax implications of future trading can vary… Read More »
Long-term equity Investor Investing in the stock market can take many forms, but one of the most well-established strategies is that of the long-term equity investor. These investors focus on purchasing stocks with the intention of holding them for an extended period, often years or even decades. This approach contrasts with short-term trading strategies that… Read More »
Difference between 80C vs 80CC Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as PPF, ELSS,… Read More »
Income tax relief under 80GG Income Tax relief under 80GG, It’s individuals who do not receive House Rent Allowance (HRA) from their employer but still pay rent for their accommodation. This provision applies to self-employed individuals, salaried employees, and professionals. To qualify for the Income tax exemption under Section 80GG, the following criteria… Read More »
Advantages of EPF and EPS Advantages of EPF and EPS, The Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are social security schemes designed to provide financial security to employees during retirement or in the event of their unfortunate demise. These schemes offer several benefits, including: Retirement benefits: Upon retirement, employees receive a… Read More »
Tax deduction for PF under 80C Tax deduction for PF under 80C: Absolutely, contributions made by an individual towards the Provident Fund (PF) are eligible for tax deductions under Section 80C of the Income Tax Act. In a financial year, the maximum deduction allowed under Section 80C is Rs. 1.5 lakh, which includes contributions made… Read More »
Income Tax Saving Income Tax Saving,To avail tax deduction under Section 80GGC of the Income Tax Act for donations made to registered political parties in India, you can follow these steps: Identify the registered political party: Ensure that the donation is made to a political party that is register with the Election Commission of India.… Read More »
80TTA exemption Exemption Under Section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) can avail a deduction on the interest earned from savings accounts. This deduction is capped at a maximum of Rs. 10,000. It applies to interest income earned from savings accounts held with banks, co-operative societies, and post offices.… Read More »
